On June 2, 2025, Diamondback Energy, Inc. announced that its subsidiary, Viper Energy, Inc., has entered into an Agreement and Plan of Merger to acquire Sitio Royalties Corp. in an all-equity transaction valued at approximately $4.1 billion, including Sitio's net debt of approximately $1.1 billion as of March 31, 2025. The transaction, which is subject to customary closing conditions, involves a support agreement where the Diamondback Stockholders have committed not to transfer or dispose of their Viper common stock or units of Viper's operating company until 90 days after the transaction closes, with certain exceptions.